A bio fungicide is a mixture which is made up of beneficial fungi and bacteria that colonize and assail plant pathogens, and therefore stop and prevent the diseases which are caused by them. They are present in the soil naturally which makes them environment friendly alternative to the other chemical fungicides present in the market.
Bio fungicides contain living cells of a specific type of fungi and bacteria which are formulated into some proper carriers. It helps to increase the land fertility and also increases the production of fruits and flowers. As people are getting more aware about the increasing negative effects of the chemicals, they are trying to move towards more natural ways. The farmers are also turning tables towards the natural ways and using bio fungicides to grow crops.
The global market for bio fungicides is estimated to account at a value of USD1.6 billion in 2020 and is CAGR growth rate projected is 16.1%, to attain a value of USD 3.4 billion by 2025.
As people are ready to invest in the natural market and natural consumption to keep them healthy, this will see growth in the industry. Adding to it, many people are taking this way up to the trading markets in the form of shares in order to raise funds. This is necessary because the rates of the products are high and this is impacting the purchasing power of the consumers. So, to cater this raising fund would be a great option which would reduce the burden on the purchasers. This will see a shift in the working of the industry and move towards growing the same.
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North America driving fast with Europe being in line.
The largest volume market for Bio-fungicides is held by North America. As the awareness is increasing Asia pacific is seen to be the growing market. Still Europe is said to be improving more as compared to the Asia pacific region. Integrated pest management system is a factor which is moreover driving this towards the growth patch.
The existing companies in this industry are competing not only in the areas of quality and promotion of the product, but they are also trying to capture the market through strategic moves to acquire large number of shares. Innovations and expansion with the help of launch of new products and through partnerships are some of the prominent strategies which are being adopted by the leading companies in this market. The fragmentation of the global bio fungicide industry is very high. The private companies hold up to 90% of the market share where as the major companies hold only 9%. The development in this industry is increasing day by day as there is better crop production needs to sustain the needs of the growing population all over the world. Therefore, this industry may see a jump in the figures as more and more people are preferring sustainability related things. It’s right to move forward with the world and use less0 chemicals and bio fungicides is one such move.
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